JEDDAH/DUBAI: Dubai’s Arabtec fell on Sunday after the firm agreed to sell a controlling stake to Abu Dhabi’s Aabar Investments in a deal seen as negative for Arabtec’s minority shareholders, weighing on Dubai’s index.
Aabar surged 4.6 percent to lift Abu Dhabi’s index to a four-week high, Agility helped Kuwait’s benchmark advance and Qatar ended lower despite gains in two merging property firms. Arabtec’s shares fell 6.9 percent to 2.69 dirhams in its biggest decline for a month as Dubai’s index fell 1.2 percent to 1,814 points. The Abu Dhabi index rose 0.2 percent to 2,781 points.
Oman hit an 11-week high as funds bought bank stocks and Saudi Arabia fell for the first session in seven as its own lenders declined. The Omani index rose 0.5 percent to 6,596 points. Bank Muscat rose 0.8 percent to a 10-week closing high amid renewed institutional interest. The Qatari index sliped 0.03 percent to 7,035 points.
The Kuwaiti index climbed 0.7 percent to 7,059 points.
In Saudi Arabia, the Tadawul All-Share Index (TASI) fell 0.06 percent to 6,318.14 points. Five sectors closed negative on Sunday, with losses that ranged from 0.09 percent in Real Estate Development to a loss of 0.45 percent in the Banks & Financial Services. Nine sectors closed with gains, which ranged from 0.03 percent in the Telecom & IT to 1.87 percent in the Hotel & Tourism sector. The Energy & Utilities sector ended the day with no change. Overall market breadth was positive, with 66 advancers and 41 decliners giving an AD ratio of 1.61, the Jeddah-based Financial Transaction House (FTH) said in its daily market commentary.
— With input from agencies